How much underperformance by a family member in the business is too much? When does “normal” transition pain become a symptom of a much deeper disease? Should it result in firing the family member? How can you know?

Outgoing owners must agree with their successors on a well-defined transition plan and timeline for their departure as part of the transition plan.

Succession transitions are not jut about handing the keys over to a successor. Outgoing owners have a role to play in preparing the incoming successor for success in the role by providing the following four things...

Multiple qualified individuals primed to take over the company should be the source of great encouragement. It takes a balance of communication and planning to avoid jealousy or in-fighting.

The New Year is an opportunity to look at the past and reorient both ourselves and the business for the future by kicking off the continuity planning that will ensure your company and your legacy endure.

A successor may not always jump at the opportunity to carry on the legacy of the business. When a successor declines the offer to own or manage the business, understanding their motivations is key to finding a solution that benefits all parties and the business.

Owners with successors from different backgrounds can upset previous communication norms and challenge the operation. This is avoided with good alignment and preparation.

When an owner finds that perfect successor, then, the tendency is to jump for joy and declare his or her mission accomplished especially when that chosen successor comes from a similar background and shares the owner’s expertise. Owners should fight that tendency.

In a succession transition, performance management conversations are key to ensuring that the successor has the support and guidance needed to effectively lead the business. Follow these 3 tips.

Businesses that fail in transition do so because of poor communication and insufficient preparation. But, there is one ingredient without which no succession plan will ever get off the ground: execution. Ask us how to execute a smooth succession transition.

Most family business preparation focuses on succession planning for the future. However, focus should be given to securing the current operations of the business via a continuity plan. It is more likely that a business runs into trouble because the owner becomes incapacitated before the business reaches the point of a natural succession transition.